SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
     ACT  OF  1934

                For the quarterly period ended September 30, 2004

                                       OR

[ ]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR 15(D) OF THE SECURITIES
     EXCHANGE  ACT  OF  1934

                For the transition period from             to              .
                                               ----------     ------------

                        Commission File Number: 0 - 32747

                         OTISH MOUNTAIN DIAMOND COMPANY
                         ------------------------------
             (Exact name of registrant as specified in its charter)


           Nevada                                         98-0218688
           ------                                         ----------
(State or other jurisdiction of                       (I.R.S.  Employer
incorporation or organization)                      Identification Number)


   One Penn Plaza, Suite 3600, 250 West 34th Street, New York, New York 10119
   --------------------------------------------------------------------------
                    (Address of principal executive offices)


                                 (212) 849-6849
                                 --------------
                           (Issuer's telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [ ]  No [X]

At November 19, 2004, the registrant had 38, 041,811 shares of Common Stock, no
par value, issued and outstanding.

Transitional Small Business Disclosure Format (check one): Yes [ ]  No [X]

<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Pollard-Kelley Auditing Services, Inc.
Auditing Services
3250 West Market St, Suite 307, Fairlawn, OH 44333 330-864-2265



               Report of Independent Certified Public Accountants



Board  of  Directors
Otish  Mountain  Diamond  Company  and  Subsidiary

We  have reviewed the accompanying consolidated balance sheets of Otish Mountain
Diamond  Company  and  Subsidiary  as  of  September  30,  2004  and the related
consolidated  statements of income, stockholders' equity, and cash flows for the
three-month and six-month and since inception periods then ended.  These interim
financial  statements  are  the  responsibility  of  the  Company's  management.

We  conducted  our review in accordance with the standards of the Public Company
Accounting  Oversight  Board.  A review of interim financial statements consists
principally  of  applying  analytical procedures and making inquiries of persons
responsible  for  financial and accounting matters.  It is substantially less in
scope  than  an  audit  in  accordance  with the standards of the Public Company
Accounting  Oversight Board, the object of which is the expression of an opinion
regarding  the  financial  statements  taken as a whole.  Accordingly, we do not
express  such  an  opinion.

The  Company  has  not  generated significant revenues or profits to date.  This
factor  among  others  may  indicate the Company will be unable to continue as a
going  concern.  The  Company's continuation as a going concern depends upon its
ability  to  generate  sufficient  cash  flow  to conduct its operations and its
ability to obtain additional sources of capital and financing.  The accompanying
consolidated  financial  statements  do  not  include any adjustments that might
result  from  the  outcome  of  this  uncertainty.

Based  on our review, we are not aware of any material modifications that should
be  made  to  the  accompanying  financial statements in order for them to be in
conformity  with generally accepted accounting principles accepted in the United
States  of  America.

Pollard-Kelley  Auditing  Services,  Inc.

/S/  Pollard-Kelley  Auditing  Services,  Inc.

November  14,  2004
Fairlawn,  Ohio

<PAGE>

<TABLE>
<CAPTION>

OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY
(An Exploration Stage Company)
BALANCE SHEETS
September 30, 2004 and December 31, 2003

                                                  September 30,   December 31,
                           ASSETS                     2004            2003
                                                  ------------    -----------
<S>                                                    <C>            <C>
Current Assets
    Cash in banks                                 $     2,467      $  7,578
                                                  ------------    -----------
      Total Current Assets                              2,467         7,578
Fixed Assets
    Vehicles                                           16,730        16,730
    Office equipment                                    2,475         2,475
                                                  ------------    -----------
                                                       19,205        19,205
    Less accumulated depreciation                      (5,071)       (1,936)
                                                  ------------    -----------
                                                       14,134        17,269
Other Assets
    Website costs less accumulated
      amortization of $8,014                           18,005        24,573
    Mineral rights                                    177,603       148,995
                                                  ------------    -----------
                                                      195,608       173,568
                                                  ------------    -----------
      Total Assets                                $   212,209      $198,415
                                                  ============    ===========

              LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
    Accounts payable                              $    56,266        18,015
    Accrued expenses                                   68,043        21,247
                                                  ------------    -----------
      Total Current Liabilities                       124,309        39,262
Stockholders' Equity
    Series A Preferred stock, 1,000,000 shares
      authorized, 1,000,000 shares outstanding,
      par value $.001 per share                             -         1,000
    Common stock, 600,000,000 shares
      authorized, 38,041,811 shares outstanding,
      par value $.001 per share                        38,042        15,108
    Additional contributed capital                  5,658,869       238,350
    Deficit accumulated during exploration stage   (5,609,011)      (95,305)
                                                  ------------    -----------
                                                       87,900       159,153
                                                  ------------    -----------
      Total Liabilities and Stockholders' Equity  $   212,209      $198,415
                                                  ============    ===========
</TABLE>


See accompanying notes to financial statements.

<PAGE>

<TABLE>
<CAPTION>

OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY
(An Exploration Stage Company)
STATEMENT OF OPERATIONS
For the Three Months and Nine Months  September 30, 2004, and for the
  period beginning August 4, 2003 (Inception) through September 30, 2004

                                  Current       Year to       Since
                                  Quarter         Date       Inception
                                ------------  ------------  ------------
<S>                             <C>           <C>           <C>           <C>
Revenues
  Sales                         $         -   $         -   $         -

Cost of sales
  Exploration costs                   1,248       168,771       183,058
                                ------------  ------------  ------------
       Gross Profit                  (1,248)     (168,771)     (183,058)

Expenses
  Administrative                     34,969     5,338,752     5,419,043
                                ------------  ------------  ------------
                                    (36,217)   (5,507,523)   (5,602,101)

Other income and expenses
  Foreign exchange (loss) gain       (3,536)       (6,183)       (5,743)
                                ------------  ------------  ------------

Net Loss                        $   (39,753)  $(5,513,706)  $(5,607,844)
                                ============  ============  ============

Net loss per share              $     (0.00)  $     (0.17)

Average shares outstanding       37,898,648    31,575,516
</TABLE>

See accompanying notes to financial statements.

<PAGE>

<TABLE>
<CAPTION>

OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY
(An Exploration Stage Company)
STATEMENT OF STOCKHOLDERS EQUITY
For the period beginning August 4, 2003 (Inception) through September 30, 2004

                                      Series A                                   Additional
                                      Preferred Stock-----   Common Stock -----  Contributed   Retained
                                        Shares      Amount     Shares    Amount    Capital      Deficit        Total
                                      -----------  --------  ----------  -------  ----------  ------------  ------------
<S>                                   <C>          <C>       <C>         <C>      <C>         <C>           <C>
Otish Diamond Corporation
Balance August 4, 2003                         -   $     -            -  $     -  $        -  $         -   $         -
  Shares issued for services                   -         -    8,100,000    8,100           -            -         8,100
  Shares issued for cash                       -         -    3,900,000    3,900     170,100            -       174,000
  Shares issued for mineral rights             -         -    3,000,000    3,000      68,250            -        71,250

  Merger with Otish Mountain Company   1,000,000     1,000      107,750      108           -       (1,167)          (59)

  Net loss for the period                      -         -            -        -           -      (94,138)      (94,138)
                                      -----------  --------  ----------  -------  ----------  ------------  ------------
Balance December 31, 2003              1,000,000     1,000   15,107,750   15,108     238,350      (95,305)      159,153
  Shares issued for services                   -         -   20,300,050   20,300   5,159,700            -     5,180,000
  Shares issued for minerial rights            -         -           50        -          53            -            53
  Shares issued for cash                       -         -    2,634,000    2,634     260,766            -       263,400
  Redemption of Preferred Shares      (1,000,000)   (1,000)           -        -           -            -        (1,000)
  Net loss for the period                      -         -            -        -           -   (5,513,706)   (5,513,706)
                                      -----------  --------  ----------  -------  ----------  ------------  ------------
                                               -   $     -   38,041,850  $38,042  $5,658,869  $(5,609,011)  $    87,900
                                      ===========  ========  ==========  =======  ==========  ============  ============
</TABLE>


See accompanying notes to financial statements.

<PAGE>

<TABLE>
<CAPTION>

OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY
(An Exploration Stage Company)
STATEMENT OF CASH FLOWS
For the Three Months and Nine Months  September 30, 2004, and for the
   period beginning August 4, 2003 (Inception) through September 30, 2004

                                                    Current      Year to      Since
                                                    Quarter       Date       Inception
                                                   ---------  ------------  ------------
<S>                                                   <C>          <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss for the period                          $(39,753)  $(5,513,706)  $(5,607,844)
  Adjustments to reconcile net earnings to net
    cash provided (used) by operating activities:
      Depreciation                                    1,055         3,135         5,071
      Amortization                                    2,224         6,568         8,014
      Services paid by stock                            (53)    5,180,000     5,188,100
    Changes in Current assets and liabilities:
      (Decrease) Increase in Accounts payable         4,039        38,251        56,015
      Increase in Accrued expenses                   42,507        46,796        68,043
                                                   ---------  ------------  ------------
      NET CASH (USED) BY
            OPERATING ACTIVITIES                     10,019      (238,956)     (282,601)

CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of Mineral rights                              -       (28,555)     (106,300)
  Purchase of Website costs                               -             -       (26,019)
  Purchase of Fixed assets                                -             -       (19,205)
                                                   ---------  ------------  ------------
      NET CASH (USED) BY
            INVESTING ACTIVITIES                          -       (28,555)     (151,524)

CASH FLOWS FROM FINANCING ACTIVITIES
  Increase in advances                                    -       274,518       274,518
  Payment of advances                               (11,118)      (11,118)      (11,118)
  Redemption of Preferred stock                           -        (1,000)       (1,000)
  Sale of Common stock                                    -             -       174,000
                                                   ---------  ------------  ------------
      NET CASH PROVIDED BY
            FINANCING ACTIVITIES                    (11,118)      262,400       436,400
                                                   ---------  ------------  ------------

NET INCREASE IN CASH                                 (1,099)       (5,111)        2,275
CASH FROM OTISH DIAMOND MERGER                            -             -           192
CASH AT BEGINNING OF PERIOD                           3,566         7,578             -
                                                   ---------  ------------  ------------
CASH AT END OF PERIOD                              $  2,467   $     2,467   $     2,467
                                                   =========  ============  ============
</TABLE>

See accompanying notes to financial statements.

<PAGE>

                 OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY.
                         (An Exploration Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                               September 30, 2004

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------------

HISTORY
-------

Otish  Mountain  Diamond  Company  (formerly  First  Cypress,  Inc.),  a  Nevada
corporation,  was  organized  on September 14, 1999. From inception to September
30,  2003,  the  Company  has  not  generated  any  revenues and is considered a
development stage enterprise, as defined in Financial Accounting Standards Board
No.  7.  The  Company  was  in  the  process  of developing an internet computer
software  program  known  as  EngineMax.  Essentially,  software development was
suspended  in  November  2002 due to cash flow constraints. In October 2002, the
Company  acquired certain items constituting the "Money Club Financial" business
concept and business plan. Due to the Company's inability to raise the necessary
equity  capital  to further the Money Club Financial business concept, no monies
were  spent  furthering  the  business  concept  from the date of acquisition to
September  30,  2003.  The  Company  discontinued  its  involvement  in  these
operations  in  the  third  quarter  of  2003.

On  November  30, 2003, the Company successfully acquired 100% of Otish Mountain
Diamond Corp. ("Otish Corp."). The business activities of Otish Corp. became the
business  activities  of  the  Company.  In  connection  with  the  merger  the
capitalization of the Company was amended to reflect a 220:1 reverse stock split
and  to  increase  the  authorized  capital to 600,000,000 shares, consisting of
500,000,000  common shares with a par value of $0.001, and 100,000,000 preferred
shares  with  a  par  value  of  $0.001.  Also,  1,000,000  shares of a Serial A
Preferred were issued for services rendered.  Finally, the then president of the
Company entered into two agreements with the Company; one, assumed all the known
liabilities  of  the  company,  and  the second, agreed to convert debt owed the
president  of  $236,000  into  236,000  shares  of  Company  common  stock.

The  Company's  income  statement  at  the  date  of  merger  was  as  follows:

     Revenues                           $     -0-

     Expenses:
     Exploration  costs                    36,293
     Administrative                       136,284

          Net  Loss                      $172,577

<PAGE>

                 OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY.
                         (An Exploration Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                               September 30, 2004

NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  -  CONTINUED
------------------------------------------------------------------------

Otish  Mountain  Diamond Corp. was incorporated in the state of Nevada on August
4,  2003.  The Company is in the mining and exploration business and has mineral
rights  in  the  Otish  Mountain  and  Superior  Craton  regions of Canada.  The
Company's  business  plan  includes  the expansion of its mineral rights and the
mining  of  diamonds.

In  August  and November 2003, the Company issued 3,000,000 shares of its common
stock  and  paid  $77,745  for mineral rights in the Otish Mountain and Superior
Craton  regions  of  Quebec,  Canada.

In  the  first  quarter  of  2004 the Company issued 20,300,050 shares of common
stock for services valued at $5,180,053.  Valuation was based on the approximate
trading  value  of  the  Company's  shares  on  the  date  issued.

During  the  third quarter of 2004 the Company issued 2,634,000 shares of common
stock  to  liquidate  $263,400  of  advances.

FINANCIAL  STATEMENT  PRESENTATION
----------------------------------

The  Company  was  a  shell  at  the time of the acquisition having only $192 in
assets;  the  acquisition  was  treated as a reverse merger whereby the acquired
company  is  treated  as  the  acquiring company for accounting purposes.  Since
Otish  Corp.,  the  acquired  company  was  incorporated  in  August  2003;  no
comparative  financial  statements  are  presented.

AN EXPLORATION STAGE COMPANY
----------------------------

The  Company  is  an Exploration Stage Company since it is engaged in the search
for mineral deposits, which are not in the development or productions stage.  As
an  exploration stage company the Company will present, Since Inception, results
on  its  statements  of  operations,  stockholders'  equity  and  cash  flows.

CASH  AND  CASH  EQUIVALENTS
----------------------------

For  purposes  of  the  statement  of  cash  flows,  the  Company  considers all
short-term  debt securities purchased with a maturity of three months or less to
be  cash equivalents.  There was no cash paid during the periods for interest or
taxes.

<PAGE>

                 OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY.
                         (An Exploration Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                               September 30, 2004

NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  -  CONTINUED
------------------------------------------------------------------------

PROPERTY AND EQUIPMENT
----------------------

Property  and  equipment are carried at cost.  Maintenance, repairs and renewals
are  expensed  as  incurred.  Depreciation of property and equipment is provided
for  over  their  estimated  useful lives, which range from three to five years,
using  the  straight-lined  method.

WEBSITE  DEVELOPMENT  COSTS
---------------------------

The  Company has expended $26,019 in Website Development Costs through September
30, 2004 for internal use software.  These cost are being amortized over a three
year  estimated  life.

MINERAL  RIGHTS
---------------

The Company uses the "full costs method" of accounting for its mineral reserves.
Under  this method of accounting, properties are divided into cost centers.  The
Company  presently  has  two  cost  centers.  All  acquisition, exploration, and
development  costs  for  properties within each cost center are capitalized when
incurred.  The Company intends to deplete these costs equally over the estimated
units  to  be  recovered  from  the  properties.

USE OF ESTIMATES
----------------

The  preparation  of  the  consolidated  financial statements in conformity with
generally  accepted  accounting principles requires management to make estimates
and  assumptions  that  affect  certain  reported  amounts  and  disclosures.
Accordingly,  actual  results  could  differ  from  those  estimates.

FOREIGN  CURRENCY  TRANSLATION
------------------------------

The  Company's primary functional currency is the Canadian dollar. For financial
statement  presentation  the statements are translated in U.S. dollars. Monetary
assets  and  liabilities  are  translated  at  year-end  exchange  rates  while
non-monetary  items  are  translated  at  historical  rates.  Income and expense
accounts are translated at the average rates in effect during the period, except
for  depreciation,  which  is  translated  at  historical

<PAGE>

                 OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY.
                         (An Exploration Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                               September 30, 2004

NOTE  1  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  -  CONTINUED
------------------------------------------------------------------------

rates.  Therefore,  translation  adjustments and transaction gains or losses are
recognized  in  the  income  in  the  period  of  occurrence.

NOTE  2  -  MINERAL  RIGHTS
---------------------------

Otish  Mountain  Diamond  Corporation

On  August 19, 2003 the Company purchased the mineral rights for 60,933 acres in
the  Otish  Mountain  and Superior Craton regions of Quebec, Canada.  The claims
were purchased for $42,506 and 1,250,000 shares of common stock.  The Company is
required  to  spend a minimum of $135 CDN per mining claim on exploration before
the  expiration  date  of each claim.  The Company is required to spend $105 CDN
per  claim  maintenance/renewal  fee  to  the appropriate governmental authority
before  the  expiration  date of the mining claim.  If the Company fails to meet
its  obligations  under  this  agreement  the  seller has the option to make the
expenditures  and  to  reassume  title  to  the  mining  claims.

On  November  4,  2003 the Company purchased the mineral rights for 775 acres in
the  Otish  Mountain  region  of  Quebec, Canada.  The Claims were purchased for
$1,855  and 250,000 shares of common stock.  The Company is required to pay a 2%
royalty  of  the  net  smelter  returns and a 2% royalty on the gross overriding
royalty  as  defined in the agreement.  The Company shall also pay to the seller
$5,000 CDN minimum annual advance royalty beginning on November 1, 2004 and each
year  thereafter.  The  Company  is  also  required to keep the property in good
standing  for  1  year  or the seller shall be entitled to reacquire the claims.

On  November  4, 2003 the Company entered into a joint venture agreement for the
mineral  rights for 15,361 acres in the Otish Mountain region of Quebec, Canada.
The  investment  was  $33,383 and 1,500,000 shares of common stock.  The Company
has  paid  the required claim tax/renewal fees of $12,495 CDN by the due date of
November  27,  2003.  The Company is required to make a minimum advanced royalty
payment  of  $15,000  CDN  once  mining  stage begins.  Royalties are subject to
underlying  royalties  of  2%  of  the  net  smelter returns and 2% of the gross
overriding  royalty  as  defined in the agreement.  The Company total outlay for
the  joint  venture  shall not exceed $375,000 CDN.  The Company owns 45% of the
joint  venture.

At  present  the  Company  has  no  proven  properties.

<PAGE>

                 OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY.
                         (An Exploration Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                               September 30, 2004

NOTE  3  -  ADVANCES
--------------------

The  advances  are  funds  raised  by  management  for  the  Company.  It is the
Company's intention to convert these funds into shares of common stock.  On July
15,  2004  the Company entered into subscription agreements at $.10 per share to
complete  this conversion effort.  There was $263,400 of advances were converted
to  common  stock  in  this  transaction.

NOTE  4  -  SERIES  A  PREFERRED  STOCK
---------------------------------------

Each  share  of  preferred, has 15 votes compared to each share of common, which
has  only  one  vote.  In  the  second  quarter  2004  all outstanding shares of
Preferred  Stock  were  redeemed  for  $1,000.

NOTE  5  -  RELATED  PARTIES
----------------------------

The  Company  owes  the  President  and  shareholder  of the Company $35,196 for
compensation  and  expense  reimbursement  at  September 30, 2004 and $17,390 at
December  31,  2003.

The  Company  has  entered  into  an  executive  employment  agreement with this
individual.  The  agreement is for the term of 1 year and calls for compensation
of $5,000 per month, four weeks of vacation, a $3,000 a month housing allowance,
and  an  automobile.

NOTE  6  -  COMMITMENTS
-----------------------

The  Company  has entered into a six-month apartment lease that ends on October,
2004.  The  lease  calls  for  monthly payments of $2,700 CDN.  The apartment is
used  as  a  residence  by  the President of the Company.  Future lease payments
through  October  2004  are  $10,800  CDN.

NOTE  7  -  GOING  CONCERN
--------------------------

The  Company  has  not  generated significant revenues or profits to date.  This
factor  among  others  may  indicate the Company will be unable to continue as a
going  concern.  The  Company's continuation as a going concern depends upon its
ability  to  generate  sufficient  cash  flow  to conduct its operations and its
ability to obtain additional sources of capital and financing.  The accompanying
financial  statements  do not include any adjustments that might result from the
outcome  of  this  uncertainty.

<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

                           FORWARD LOOKING STATEMENTS

This  following  information  specifies  certain  forward-looking  statements of
management  of  the company, within the meaning of Section 27A of the Securities
Act  of 1933, as amended and Section 21E of the Securities Exchange Act of 1934,
as  amended.  Forward-looking  statements  are  statements  that  estimate  the
happening of future events and are not based on historical fact. Forward-looking
statements  may be identified by the use of forward-looking terminology, such as
"may",  "shall", "will", "could", "expect", "estimate", "anticipate", "predict",
"probable",  "possible",  "should",  "continue", or similar terms, variations of
those  terms  or  the  negative  of  those terms. The forward-looking statements
specified  in  the following information have been compiled by our management on
the  basis  of assumptions made by management and considered by management to be
reasonable. Our future operating results, however, are impossible to predict and
no  representation,  guaranty,  or  warranty  is  to  be  inferred  from  those
forward-looking  statements.

The assumptions used for purposes of the forward-looking statements specified in
the  following  information represent estimates of future events and are subject
to  uncertainty  as  to possible changes in economic, legislative, industry, and
other  circumstances. As a result, the identification and interpretation of data
and other information and their use in developing and selecting assumptions from
and  among  reasonable  alternatives  require  the  exercise of judgment. To the
extent  that the assumed events do not occur, the outcome may vary substantially
from anticipated or projected results, and, accordingly, no opinion is expressed
on  the  achievability  of those forward-looking statements. No assurance can be
given  that  any  of  the assumptions relating to the forward-looking statements
specified in the following information are accurate, and we assume no obligation
to  update  any  such  forward-looking  statements.

GENERAL

The following discussion and analysis should be read in conjunction with, and is
qualified  in  its  entirety  by,  our  financial  statements (and notes related
thereto)  appearing  elsewhere  in  this  report.

Our principal business address is One Penn Plaza, Suite 3600, 250 West 34th
Street, New York, New York 10119; our telephone number (212) 849-6849.

Otish  Mountain Diamond Company (hereinafter called the "Company") originally
incorporated in Nevada under the  name  First  Cypress  Technologies, Inc.
                                        ----------------------------------
("First Cypress") on September 14, 1999.

From  inception  through  November  2002,  First  Cypress  was in the process of
developing an internet computer software program known as EngineMax. Due to cash
flow  constraints,  software  development  was  suspended  in  November  2002.

In  October  2002,  First  Cypress acquired a business concept and business plan
entitled,  the "Money Club Financial". Due to First Cypress's inability to raise
the  necessary  capital to further the Money Club Financial business concept and
plan,  no monies were spent furthering the Money Club Financial business concept
and  plan.

<PAGE>

In  February  and  April  of  2003,  First  Cypress  entered into two (2) option
agreements  to  acquire mineral property rights in British Columbia, Canada, and
engaged  in  mineral exploration activities. In July 2003, First Cypress changed
its name to First Cypress, Inc.  ("First Cypress, Inc.")
            -------------------

In October 2003, First Cypress, Inc. subsequently changed its name to Otish
                                                                      -----
Mountain Diamond Company in anticipation of the acquisition of Otish Mountain
------------------------                                       --------------
Diamound Corp., a Nevada corporation ("Otish Corp.").  The Company acquired
-------------
mineral  rights  in  the  Otish  Mountain and Superior Craton regions of Canada,
including  a joint venture in Lac Leran ("Otish Mountain Claims"). The Company's
business  plan included the expansion of its mineral rights. The Company engaged
in  the  search  for  mineral deposits as well as diamond mining and exploration
activities on the Otish Mountain Claims. The Company is still in its exploration
stage  in  search of economic deposits of rough diamonds and mineral deposits on
the Otish Mountain Claims. Recently, aeromagnetic surveys were flown and samples
were  collected.  The  Company  is  awaiting  the  final  results on samples lab
analysis.

The Company is in the process of transitioning into the oil and gas industry. In
order  to identify the Company's intent to consider other business opportunities
and  subsequently  transition  away  from  the diamond exploration industry, the
Company  is  in  the process of changing its name to Gulf Coast Oil and Gas Inc.
                                                     ---------------------------
("Gulf  Coast  Oil and Gas"). The Company is in the process of transitioning its
focus  to  oil  and  gas exploration activities in Southeast Texas, specifically
Jasper  County,  Texas. The Company intends to develop five (5) to six (6) wells
in the town of Kirbyville in Jasper County, Texas. ("North Champions Prospect").

While  the  Company  plans  to  develop five (5) to six (6) wells into producing
wells,  the  Company currently has no revenues or business. The Company's assets
presently  total  $212,209.

The  Company's  functional  currency  is  the  Canadian  Dollar.  For  financial
statement  presentation  purposes  the statements have been translated into U.S.
Dollars.  All of the monetary values reflected herein are in U.S. Dollars unless
otherwise  stated.

RESULTS OF OPERATIONS.

We  have not yet realized any revenue from operations and we do not expect to be
able  to  generate any revenues until we raise the necessary capital in order to
drill  and  develop  five  (5)  to  six  (6)  wells.

PLAN OF OPERATIONS

During  the  next  twelve  (12)  months,  the  Company expects to consider other
business  opportunities  and  subsequently  transition  away  from  the  diamond
exploration  industry  to the oil and gas industry. In order to impress upon the
public that the Company is moving in a new direction, the Company has proposed a
name change to Gulf Coast Oil & Gas Inc. A copy of the Company's Preliminary and
               ------------------------
Definitive  Information  Statements  on  Form  14(c), filed with the Commission,
November  5,  2004  and  November  29,  2004, respectively, is available without
charge to stockholders and may be obtained by writing to the Company at One Penn
Plaza,  Suite 3600, 250 West 34th Street, New York, New York 10119. Furthermore,
the  Company  expects to enter into oil and gas leases in Southeast Texas. After
evaluating  several prospects in Southeast Texas, the Company has identified the
North  Champions  Prospect as a favorable geological area with known oil and gas
bearing  zones.

<PAGE>

Since  September  2004,  we  have performed substantial due diligence on the 750
acres  of  undrilled  oil  and  gas  leasehold  acreage located in Jasper County
subject  to  our  option.  Our  due  diligence  has  determined our lease option
purchase  price  ranging  from  $20-100  per  acre (the option purchase price is
dependent  upon what mineral rights the owners are willing to accept) represents
good  value  as  the  going  price  for oil and gas leases in this part of Japer
County  due  to  the  fact  that Jasper County has experienced much drilling and
production  since 1928 and is a favorable geological area with known oil and gas
bearing  zones. Our subject 750 acre leasehold is undeveloped yet in a known and
highly productive geological area; it is also surrounded by existing oil and gas
production  which  offers the possibility of offsetting existing production and/
or  drilling  new  wells  based  on  the  available  geology  and  seismic data.

The North Champions Prospect is a well defined structural four way closure. True
four  way  closures trap oil and gas and usually have stacked multiple pay sands
when  fault  and  structural timing are correct. The North Champions Prospect is
specifically  designed  to  test the highly prolific upper 1st, 2nd, 3rd and 5th
Wilcox  sands  and  the  Geronimo sand package ("Upper Wilcox Sands") which also
produce  in  the  Champions  Field and Joe's Lake Field. Most notably, the Upper
Wilcox  Sands produce 3.5 million barrels of oil ("MMBO") and 12.9 billion cubic
feet  of  gas ("BCF") in the Champions Field to the south of the North Champions
Prospect  and  7  MMBO  in  Joe's  Lake Field to the west of the North Champions
Prospect.  The  North  Champions  Prospect  is analogous to the Champions Field,
Joe's  Lake Field and the nearby South Theuvenins prospect drilled by Blue Ridge
Energy  Group  in  December  2001  because  all  four (4) prospects are four way
closures  (anticlines)  defined  by  several  2D  seismic lines. If all four (4)
prospects  are true four way closures, each can be expected to trap oil and gas,
as  well  as  stack  multiple  pay  sands  when  fault and structural timing are
correct.  This is exactly what occurred at the South Theuvenins prospect and the
Company  feels that we have the same timing and potential at the North Champions
Prospect.

At the South Theuvenins prospect, the first well drilled had stacked pays in ten
(10) sands and is still producing 2,000,000 Cubic Feet of Gas and 400 Barrels of
Oil  per  Day  (BOPD)  nicely  since the original completion over a year ago. As
anticipated,  the  South  Theuvenins  prospect  was  a  true four way anticlinal
closure.  Presently,  there are four (4) very good development wells on line and
producing.  One  (1) well has two (2) zones producing as a dual completion which
means  six  (6)  completions are active in the field. Thus, if in fact the North
Champions Prospect is a true four way anticlinal closure, no test drilling shall
be  conducted  nor shall any further studies be done. Upon sufficient financing,
the  five  (5)  to six (6) wells shall be drilled and put into production on the
existing,  nearby  infrastructure.

In  addition  to  the  North  Champions  Prospect,  we  also  intend to continue
reviewing  other  undeveloped  acreage  in  the  Texas Gulf Coast area, which is
currently  controlled  by  major  oil  and  gas  companies,  for other potential
drilling  prospects.  The Company believes this acreage has not yet been drilled
because  of  a  shift  of  funding  by  the  larger  companies  towards  larger
international  projects  since  overseas  or  offshore  exploration projects are
produced  on  a larger scale and are more rentable than smaller targets, such as
the exploration prospects in Texas. The major oil and gas companies are actively
encouraging  joint  ventures (farm-outs of their leases and/or direct leasing of
their mineral ownership) in these areas with smaller oil and gas companies, such
as  us.  With  respect  to  these  prospects,  the  major  oil and gas companies
generally allow us to use their proprietary geologic and seismic databases at no
cost  to  us  to  evaluate  the prospect before our risk capital is committed to
drilling  the  well.

<PAGE>

As of September 30, 2004, our working capital is $2,467 compared to $7,578 as of
December  31,  2003.  In  order  to  drill and fully develop the North Champions
Prospect, the Company will need to drill five (5) to six (6) wells at a depth of
ten-thousand  (10,000)  feet.  The  anticipated  cost  for complete drilling and
development  of  each  well is between one point five million dollars ($1.5M) to
two  million  dollars  ($2M). The Company will raise the necessary funds through
private  placements  and  Private Investment in Public Equity ("PIPE") financing
transactions.  After  we  raise  those  funds,  we  intend  to  proceed with the
exploration  and  development  of  the  property,  to  determine  if there exist
commercially  exploitable reserves of oil and natural gas. Our continuation as a
going  concern  is  dependent  on  our  ability  to obtain additional financing,
generate  cash  flow  to  meet  our  obligations,  and  to  become  profitable.

Our plan of operation for the next twelve (12) months is contingent upon raising
the  necessary funds to implement this business plan. If we raise such funds, we
plan  to  focus  on  four  (4)  key  steps  during  the next twelve (12) months.

     -    Incorporate,  analyze,  identify  and  high-grade  all the information
          obtained  from  the geophysical studies conducted by geophysicist, Mr.
          Don  Frazier,  to  select  locations  to  be  drilled.
     -    Develop  a  plan  and  budget  to  drill the North Champions Prospect.
     -    Obtain  drilling  and  operating  permits  in  preparation for initial
          drilling  program  on  this  acreage.
     -    Drill five (5) to six (6) wells to a maximum depth between 10,000' and
          11,000'  in  the  geological formation which includes the Upper Wilcox
          Sands.
     -    No  test  drilling  nor  further  studies  shall  be  conducted.

The  above operations are estimated to cost approximately one point five million
dollars  ($1.5M)  to  two  million  dollars  ($2M)  for  each well; allocated as
follows: (a) $25,000.00 per day for the use of the drilling rig; (b) $250,000.00
for  preparation  of  the location; and (c) the remainder for materials, such as
casing,  tubing,  wellhead,  surface  pipelines,  drilling  mud,  cement,  etc.

At  present,  the  Company has no proven properties. During the next twelve (12)
months  there are no expected purchases or sales of properties, plant equipment,
or  significant  equipment.

EMPLOYEES.  In order to minimize overhead costs, the Company does not anticipate
the  hiring  of  any  additional  employees.  On  August 16, 2004, James Chapman
resigned  from  the  Board  of  Directors of the Company, reducing the number of
directors to two (2) members, Massimiliano Pozzoni and Benjamin A. Carter. Since
the  Board  of  Directors does not have any committees at this time, Mr. Chapman
did  not serve on any committees. The Board of Directors has decided not to fill
the vacant position created by Mr. Chapman's resignation at this time. A copy of
the Company's Current Report on Form 8-K, filed with the Commission, October 27,
2004  is available without charge to stockholders and may be obtained by writing
to  the  Company  at One Penn Plaza, Suite 3600, 250 West 34th Street, New York,
New  York  10119.

The anticipated number of employees is two (2) persons, specifically the two (2)
remaining  directors,  Massimiliano  Pozzoni and Benjamin A. Carter. The Company
does not anticipate the hiring of any additional employees until we have secured
adequate  financing to meet all or substantially all of our budgeted commitments
for  the  next  twelve  (12)  months.  The  Company  does  not  expect any other
significant  changes  in  the  number  of  employees during the next twelve (12)
months.

OFF-BALANCE  SHEET ARRANGEMENTS. We have no significant off-balance arrangements
that  have  or  are  reasonably likely to have a current or future effect on our
financial  condition,  changes  in  financial  condition,  revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources that
is  material  to  stockholders.

<PAGE>

ITEM 3. - CONTROLS AND PROCEDURES.

(a)  Evaluation of Disclosure Controls and Procedures.  Management, specifically
the Chief Executive Officer, has conducted an evaluation of the effectiveness of
disclosure  controls  and procedures pursuant to Exchange Act Rule 13a-14(c) and
15d-14(c).  This  evaluation  was  conducted as of September 30, 2004.  Based on
that  evaluation,  the  Chief  Executive  Officer  concluded that the disclosure
controls  and procedures are effective in ensuring that all material information
required  to  be filed in this quarterly report has been made known to them in a
timely  fashion.  There have been no significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the  date  the  Chief  Executive  Officer  completed  his  evaluation.

(b)  Changes  in Internal Control Over Financial Reporting.  Our Chief Executive
Officer  has  indicated  that  there were no significant changes in our internal
controls  or  other  factors  that  could  significantly  affect  such  controls
subsequent  to  the  date  of  their  evaluation, and there were no such control
actions  with  regard  to  significant  deficiencies  and  material  weaknesses.

<PAGE>

                          PART II -- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
The  Company  is not a party to any pending legal proceeding. From time to time,
we  may  be  involved  in  legal  proceedings,  including those arising from our
operations  and  the  amounts  due  suppliers.

ITEM 2.  CHANGES IN SECURITIES

(a)  On  June  18,  2004,  Philipp  Buschmann  cancelled 1,000,000 shares of the
     Registrant's  Series  A Preferred Stock having fifteen (15) votes per share
     (or  an aggregate of 15,000,000) votes in exchange for $1,000 (or $.001 per
     share).

(c)  In  August  2004, we issued 878,000 shares of our common stock, $.00001 par
     value  per  share,  to  three  unaffiliated  entities  ("Investors")(or  an
     aggregate of 2,634,000 shares). The shares were issued in consideration for
     the  conversion  of  $87,800  by each entity or an aggregate of $263,400 in
     advances  given  to  the Company previously by each entity. The shares were
     not  registered  under  the  Act.  The  Company  claims  an  exemption from
     registration  afforded  by  Section  4(2)  of  the Act, since the foregoing
     issuances  did not involve a public offering, the recipient took the shares
     for  investment and not resale and the Company took appropriate measures to
     restrict  transfer.  The Company also claims an exemption from registration
     afforded  by  Regulation  S  promulgated  under  the  Act.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

There  has  been  no  material  default in the payment of principal, interest, a
sinking or purchase fund installment, or any other material default with respect
to  any  indebtedness  of  the  Company  exceeding five (5) percent of the total
assets  of  the  issuer.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted for a vote of our security holders during the third
quarter of 2004.

ITEM 5.  OTHER INFORMATION

There  were  no material changes to the procedures by which security holders may
recommend  nominees  to  the  registrant's  board  of  directors.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits

   31.1.  Rule  13a-14(a)  Certification  of Chief Executive Officer and Chief
          Financial  Officer
   32.1.  Certification of Chief Executive Officer and Chief Financial Officer
          Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906
          of  the  Sarbanes-Oxley  Act  of  2002.

(b)  Reports on Form 8-K

None.

<PAGE>

                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                OTISH MOUNTAIN DIAMOND COMPANY
                                (Registrant)

                                 /s/ Massimiliano Pozzoni
                                 ---------------------------------------
                                 MASSIMILIANO POZZONI
                                 CHIEF EXECUTIVE OFFICER AND
                                 CHIEF FINANCIAL OFFICER

Date: December 21, 2004


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